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After experiencing considerable wage earnings throughout the shared-growth decades of the new era workers have increasingly confronted labor economies of jobs that pay too much to offer a minimally decent standard of living. What we do know is that a $15 wage could have impacts on the living standards of millions of working households. Every worker should be ensured the minimum wage that will enable them to maintain a becoming normal of lifestyle for himself and his loved ones. The antidote is......Read More
It is easy to be confused about what impacts minimum wages have on jobs for workers. A "Binding" minimum wage that is set higher than the competitive equilibrium wage reduces job for two reasons. Recent research on employment effects. The earliest studies of the employment effects of minimum wages used only national variation at the U.S. Minimum wage. An elasticity of 0.1 for teens, for example, implies that a 10 percent increase in the wage floor reduces adolescent labour by 1 percent. Newer......Read More
If policy makers and voters really understood the fundamentals of economics, they might find themselves on the other side of the now-popular debate to increase the minimum wage. Liberals use a raft of studies and a few arguments to back up their minimum-wage-raising position, touting them as proof that hiking the minimum wage helps both workers and the broader economy. This Huffington Post article cites a study projecting that the economy would grow by $22 billion and make 85, 000 new jobs, all......Read More
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